Rural Land Values in the Southwest: First Half 1999 Page: 3
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forecast of no change in land values for
the next six months.
Non-irrigated cropland:
a median value of $250 per acre;
typical sold property size of 200 acres;
highest regional median price of $500 per
acre in LMA 5;
lowest regional median price of $200 per
acre in LMAs 4 and 8; and
forecast of no change in land values for
the next six months.
Native rangeland:
a median value of $80 per acre;
typical sold property size of 3,000 acres;
highest regional median price of $175 per
acre in LMA 5;
lowest regional median price of $35 per
acre in LMA 7; and
forecast of no change in land values for
the next six months.
New Mexico Land Market Areas
2
1 3
4
8
5
6 7
9
Source: Real Estate Center at Texas A&M University
The New Mexico panel consisted of reports
from 14 observers.
Commentary
The following comments from New Mexico
panelists provide insight into local land market
developments.
Water is increasingly important. El Paso
is demanding more water to accommodatemore development (Southeastern New
Mexico broker).
After a couple of years of moderately
rising prices, stability appears to have
returned to the land market. Higher
prices are being paid by Albuquerque
buyers. Continued migration of Albu-
querque retirees to the Valley area in
Socorro County has driven prices of
smaller farm parcels up as rural
homesites. Currently, landowners are
concerned about new impact studies on
area grazing with high focus on protect-
ing endangered species (Southern New
Mexico appraiser).
There are now 55 dairies in Chaves and
North Eddy counties. These will have
between 350 and 500 cows per dairy. The
market for dairy farms is now limited
(Southern New Mexico appraiser).
Federal regulations designed to reduce or
eliminate grazing on some permits,
particularly on Forest Service land, has
affected land values (New Mexico
appraiser).
Oklahoma
Similar to land market patterns in Texas and
Arizona, Oklahoma panelists report a lack of
good quality land for sale amid growing
demand for recreational properties. Observers
in Oklahoma see environmental concerns
affecting agricultural operations because
regulation has curtailed some land uses.
Because of the rising economy, most Okla-
homa respondents look forward to a rising
market throughout 1999 and into 2000.
The Oklahoma panel indicates a market of
mixed character, populated nearly equally by
farmers, ranchers and consumers. Producers
bought heavily in the spring 1999 Oklahoma
land markets, with 57 percent of the panel
naming farmers and ranchers as the driving
forces in their areas. Consumers dominate
according to 43 percent of respondents.
Purchase for an agricultural input brought
most buyers to the market in 1999, according to
57 percent of the panel. The remaining panel-
ists name recreation as the driving motive for
landbuyers in their markets. Panelists split
evenly between estate settlement and retire-
ment as the dominant motives for land sellers.3
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Gilliland, Charles E. & Harris, John. Rural Land Values in the Southwest: First Half 1999, report, September 1999; College Station, Texas. (https://texashistory.unt.edu/ark:/67531/metapth1586961/m1/7/?rotate=270: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting UNT Libraries Government Documents Department.